EGLX likely upside from hereThe stock, which plummeted from its peak during the 2021 stock mania, has been in decline for the last few years. Recently delisted from NASDAQ, this small-cap company stands out from others affected by the mania, as it generates income. I believe the selling pressure has subsided, making it a prime time to consider a speculative investment. If management can effectively manage expenses and employee stock issuance, this company has the potential for substantial growth, especially given the rising popularity of Esports and gaming content.
EGLX trade ideas
Position & Swing Trading: Weekly ChartsIf you're position or swing trading, it is a MUST to study weekly charts to confirm:
1. IF a bottom is developing
2. WHERE the bottom will complete
...to plan trades with strong reward/risk ratios.
For example, let's take a look at EGLX, which had a gap up at open on its earnings release:
1. Note that today's gap up is from a lower low in the downtrend. This particular bottom is not confirmed just yet. When it makes a higher low is when there will be lower risk for an entry.
2. The first resistance is at 3.27, but there's stronger resistance at 4.44--once the stock's price sustains that level, then the bottom will be complete, which is the best time to consider position trade entries.
Both resistance levels should be considered for swing trading potential...
First ask: "Are there enough points to gain from your entry point to warrant the risk of the trade?" If no, then move on to the next opportunity; maybe put an alert at the next resistance level to revisit. If yes, then which resistance levels are likely to cause profit-taking?
A step-by-step checklist that looks further than the entry is important for not giving back profits just as soon as you make them. Learn more at my website.
Big Falling bullish wedge in EGLX, potential breakout soon.Potential bullish breakout.
#eglx #enthusiastgaming
$EGLX can fall in the next daysContextual immersion trading strategy idea.
Enthusiast Gaming Holdings Inc. engages in the media, content, entertainment, and esports businesses the United States, Canada, and internationally.
The demand for shares of the company looks lower than the supply.
This and other conditions can cause a fall in the share price in the next days.
So I opened a short position from $6.35;
stop-loss — $7.27.
Information about take-profits will be later.
Do not view this idea as a recommendation for trading or investing. It is published only to introduce my own vision.
Always do your own analysis before making deals. When you use any materials, do not rely on blind trust.
You should remember that isolated deals do not give systematic profit, so trade/invest using a developed strategy.
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possible short if there is a close below the bollinger bands on the one hour chart
expect to see a drop to previous support levels
will probably see a pullback at the top of bollinger bands -
as usual watch for the 15:30 est for the most volume
this will be a clear marker sign which way this stock is going